I am in the process of selling my maisonette in Locks Heath and the EA has just called to warn that the purchasers are switching property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Locks Heath ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
My conveyancer has identified a a legal deficiency with the lease for the flat we are purchasing in Locks Heath. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
My uncle passed away last year and as sole heir and executor I was left the house in Locks Heath. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
It has been 2 months since my purchase conveyancing in Locks Heath completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Locks Heath. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Locks Heath
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Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
How do I use the search app to locate a conveyancing solicitor in Locks Heath on the authorised to act for my mortgage?
First select a mortgage company such as Nationwide Building Society, Leeds Building Society or Clydesdale then specify your location a common one being Locks Heath. Conveyancing firms in Locks Heath and across England and Wales will then be listed.